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Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process...

Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process inventory consists of 12,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the cost per equivalent unit for the period is $4.10 for material and $1.30 for labor and overhead, what is the balance of the ending work in process inventory account would be

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Answer #1
Calculation of ending work in process:
Materials: 12,000 units × 100% complete = 12,000
Conversion:12,000 units × 70% complete = 8,400
Materials Conversion Total
Ending work in process:
Equivalent units of production    12,000.00      8,400.00
Cost per equivalent unit $        4.10 $         1.30
Cost of ending work in process $ 49,200.00 $ 10,920.00 $ 60,120.00

Therefore, balance of the ending work in process inventory = $60,120

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